J.P. Morgan Joins China Rush
On the back of a trip to the country by its CEO, J.P. Morgan is the latest financial giant to tap into the bullish onshore China growth story.
China's financial market regulator now permits foreign companies to take majority stakes in joint venture brokerages. U.S. bank J.P. Morgan Chase is the second financial giant in a week to submit an application, Chinese media group «Caixin» reported.
Chinese Century
Through its subsidiary J.P. Morgan Broking (Hong Kong) the firm has applied to set up and take a controlling stake in a joint venture brokerage in China. The Wall Street firm joins fellow financial giants Nomura and UBS who have also lodged their applications.
J.P. Morgan's Chief Executive Jamie Dimon recently spent time in China where, in a rare interview, he told «Bloomberg» that the bank was «building in China for the next 100 years».
